Virtuals Protocol generated $75 million in fees throughout this year, yet its market cap stands at $465 million—a dramatic 62% decline from its peak of $1.89 to current levels around $0.71. Meanwhile, the ecosystem shows intriguing activity metrics: Butler processed over $374 million in task transactions, while ACP reached the $100 million AGDP milestone. The protocol now boasts 1 million registered ERC-8004 agents. Despite market headwinds, the underlying infrastructure continues extracting real transaction value from agent economics, signaling sustained developer engagement even as market sentiment remains cautious.